Accumulate

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United

Bitcoin

<img decoding="async" width="1280" height="720" src="https://coingape.com/wp-content/uploads/2024/04/shutterstock_2083613065.webp" class="attachment-full size-full wp-post-image" alt="Just-In: Central Bank Of Nigeria Debunks Rumors Banning Accounts Of P2P Traders" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/04/shutterstock_2083613065.webp 1280w, https://coingape.com/wp-content/uploads/2024/04/shutterstock_2083613065-300x169.webp 300w, https://coingape.com/wp-content/uploads/2024/04/shutterstock_2083613065-1224x689.webp 1224w, https://coingape.com/wp-content/uploads/2024/04/shutterstock_2083613065-768x432.webp 768w, https://coingape.com/wp-content/uploads/2024/04/shutterstock_2083613065-678x381.webp 678w, https://coingape.com/wp-content/uploads/2024/04/shutterstock_2083613065-150x84.webp 150w" sizes="(max-width: 1280px) 100vw, 1280px">
The Central Bank of Nigeria (CBN) has swiftly responded to recent rumors circulating about a purported directive aimed at identifying and restricting transactions with cryptocurrency exchanges. Contrary to these rumors, the CBN clarified that no such directive originated from their institution. They urge individuals to rely on authentic updates by visiting the official CBN website at <a rel="nofollow" href="https://www.cbn.gov.ng/" target="_blank">cbn.gov.ng</a>. 
<h2 id="clarifying-the-regulatory-landscape">Clarifying the Regulatory Landscape</h2> 
Despite the debunking of rumors by the CBN, uncertainties persist regarding the regulatory environment governing cryptocurrency exchanges in Nigeria. The dissemination of a fake circular added to the confusion, suggesting that regulated financial institutions would be prohibited from engaging with crypto or facilitating payments for <a href="https://coingape.com/cryptocurrency-exchanges/" target="_blank" rel="noopener">crypto exchanges</a>. 
This purported directive, if true, would have marked a significant shift in policy, contradicting a previous ban lifted by the <a href="https://coingape.com/just-in-central-bank-of-nigeria-cbn-revokes-banking-restrictions-on-crypto-players/">Central Bank of Nigeria</a> in December 2023, which allowed banks to facilitate transactions with crypto exchanges. Furthermore, concerns have been raised regarding the transparency and oversight of <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">cryptocurrency</a>&nbsp;transactions, particularly in light of recent revelations about financial flows through platforms like Binance. 
The CBN’s head, Olayemi Cardoso, revealed that a staggering $26 billion had passed through Binance Nigeria in 2023 from unidentified sources and users, raising red flags about potential illicit activities and money laundering. 
Also Read: <a href="https://coingape.com/bitcoin-btc-ownership-landscape-sees-major-shift-new-whales-accumulate/">Bitcoin (BTC) Ownership Landscape Sees Major Shift, New Whales Accumulate</a> 
<h2 id="challenges-faced-by-binance-in-nigeria">Challenges Faced by Binance in Nigeria</h2> 
In the wake of heightened regulatory scrutiny, Binance, the world’s largest cryptocurrency exchange, finds itself navigating choppy waters in Nigeria. The CBN’s concerns about suspicious financial transactions have cast a shadow over the exchange’s operations, leading to the detention of Binance executive Tigran Gambaryan in Nigeria. 
Gambaryan, who is based in the United States, faces charges related to money laundering following a meeting with Nigerian officials to address regulatory compliance issues. Furthermore, another Binance executive, Nadeem Anjarwalla, managed to evade custody and was subsequently tracked down in Kenya, where he faces potential extradition. 
These developments show the challenges faced by cryptocurrency exchanges in navigating regulatory frameworks and compliance requirements, highlighting the complex and evolving nature of the crypto landscape in Nigeria. 
Also Read: <a href="https://coingape.com/dogwifhat-wif-price-skyrockets-over-20-heres-why/">Dogwifhat (WIF) Price Skyrockets Over 20%, Here’s Why</a> 
The post <a href="https://coingape.com/just-in-central-bank-of-nigeria-debunks-rumors-banning-accounts-of-p2p-traders/">Just-In: Central Bank Of Nigeria Debunks Rumors Banning Accounts Of P2P Traders</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Just-In: Central Bank Of Nigeria Debunks Rumors Banning Accounts Of P2P Traders

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